ASEAN: Market for Titanium Ores and Concentrates 2024

Market Size for Titanium Ores and Concentrates in ASEAN

In 2022, the ASEAN titanium ore and concentrate market decreased by -1.8% to $X for the first time since 2016, thus ending a five-year rising trend. Over the period under review, consumption saw a abrupt decline. Over the period under review, the market reached the maximum level at $X in 2013; however, from 2014 to 2022, consumption stood at a somewhat lower figure.

Production of Titanium Ores and Concentrates in ASEAN

In value terms, titanium ore and concentrate production dropped slightly to $X in 2022 estimated in export price. Overall, production recorded a deep slump. The most prominent rate of growth was recorded in 2017 with an increase of 60%. Over the period under review, production reached the maximum level at $X in 2013; however, from 2014 to 2022, production stood at a somewhat lower figure.

Exports of Titanium Ores and Concentrates

Exports in ASEAN

In 2022, after two years of growth, there was significant decline in overseas shipments of titanium ores and concentrates, when their volume decreased by -23.6% to X tons. Over the period under review, exports saw a abrupt downturn. The most prominent rate of growth was recorded in 2016 when exports increased by 124%. Over the period under review, the exports attained the peak figure at X tons in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

In value terms, titanium ore and concentrate exports shrank markedly to $X in 2022. In general, exports continue to indicate a deep contraction. The most prominent rate of growth was recorded in 2016 with an increase of 66% against the previous year. Over the period under review, the exports attained the peak figure at $X in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

Exports by Country

Vietnam represented the largest exporting country with an export of about X tons, which amounted to 58% of total exports. Indonesia (X tons) held a 20% share (based on physical terms) of total exports, which put it in second place, followed by Thailand (16%) and Malaysia (5.9%).

From 2012 to 2022, average annual rates of growth with regard to titanium ore and concentrate exports from Vietnam stood at -15.5%. At the same time, Indonesia (+24.8%) displayed positive paces of growth. Moreover, Indonesia emerged as the fastest-growing exporter exported in ASEAN, with a CAGR of +24.8% from 2012-2022. By contrast, Malaysia (-1.9%) and Thailand (-4.0%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Indonesia, Thailand and Malaysia increased by +20, +9 and +3.8 percentage points, respectively.

In value terms, Vietnam ($X) remains the largest titanium ore and concentrate supplier in ASEAN, comprising 56% of total exports. The second position in the ranking was taken by Indonesia ($X), with a 20% share of total exports. It was followed by Malaysia, with a 12% share.

From 2012 to 2022, the average annual growth rate of value in Vietnam amounted to -15.0%. The remaining exporting countries recorded the following average annual rates of exports growth: Indonesia (+22.3% per year) and Malaysia (+0.6% per year).

Export Prices by Country

The export price in ASEAN stood at $X per ton in 2022, with an increase of 3.4% against the previous year. In general, the export price saw a mild increase. The pace of growth was the most pronounced in 2017 when the export price increased by 39% against the previous year. Over the period under review, the export prices hit record highs at $X per ton in 2019; however, from 2020 to 2022, the export prices remained at a lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Malaysia ($X per ton), while Thailand ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Malaysia (+2.6%), while the other leaders experienced more modest paces of growth.

Imports of Titanium Ores and Concentrates

Imports in ASEAN

After two years of growth, supplies from abroad of titanium ores and concentrates decreased by -6.4% to X tons in 2022. Over the period under review, imports, however, saw a relatively flat trend pattern. The growth pace was the most rapid in 2020 with an increase of 55%. The volume of import peaked at X tons in 2015; however, from 2016 to 2022, imports stood at a somewhat lower figure.

In value terms, titanium ore and concentrate imports surged to $X in 2022. In general, imports continue to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2020 when imports increased by 75% against the previous year. The level of import peaked at $X in 2012; however, from 2013 to 2022, imports failed to regain momentum.

Imports by Country

Malaysia prevails in imports structure, resulting at X tons, which was approx. 78% of total imports in 2022. It was distantly followed by Singapore (X tons), Thailand (X tons) and Indonesia (X tons), together constituting a 19% share of total imports. Vietnam (X tons) held a relatively small share of total imports.

From 2012 to 2022, average annual rates of growth with regard to titanium ore and concentrate imports into Malaysia stood at +5.0%. At the same time, Vietnam (+9.7%) displayed positive paces of growth. Moreover, Vietnam emerged as the fastest-growing importer imported in ASEAN, with a CAGR of +9.7% from 2012-2022. By contrast, Indonesia (-2.6%), Singapore (-8.5%) and Thailand (-8.8%) illustrated a downward trend over the same period. Malaysia (+26 p.p.) significantly strengthened its position in terms of the total imports, while Indonesia, Thailand and Singapore saw its share reduced by -2.3%, -11.1% and -11.5% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Malaysia ($X) constitutes the largest market for imported titanium ores and concentrates in ASEAN, comprising 57% of total imports. The second position in the ranking was taken by Thailand ($X), with a 16% share of total imports. It was followed by Indonesia, with a 13% share.

From 2012 to 2022, the average annual rate of growth in terms of value in Malaysia amounted to +4.6%. The remaining importing countries recorded the following average annual rates of imports growth: Thailand (-4.6% per year) and Indonesia (+0.1% per year).

Import Prices by Country

In 2022, the import price in ASEAN amounted to $X per ton, rising by 24% against the previous year. Overall, the import price, however, showed a mild setback. The pace of growth appeared the most rapid in 2018 an increase of 28% against the previous year. Over the period under review, import prices reached the peak figure at $X per ton in 2012; however, from 2013 to 2022, import prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Thailand ($X per ton), while Malaysia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Thailand (+4.6%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform